
	As of March 31, 2021				As of December 31, 2020
	Amount Outstanding		Weighted- Average Rate		Amount Outstanding		Weighted- Average Rate
	(in millions, except percentages)
Commercial paper	$	584	0.2	%	$	—	—	%
Bank loans	90		5.0	%	29		4.8	%
Total short-term borrowings	$	674			$	29

As of March 31, 2021, commercial paper issued and outstanding had between 6 and 15 days remaining to maturity. Commercial paper borrowings since year end increased to help finance the debt redemption, share repurchases and dividend payments.

Our uncommitted credit lines and committed credit lines available as of March 31, 2021 and December 31, 2020 include:


	As of March 31, 2021				As of December 31, 2020
	Facility Amount		Borrowed Amount		Facility Amount		Borrowed Amount
	(in millions)
Uncommitted credit facilities	$	1,488	$	90	$	1,487	$	29
Credit facility expiry(1):
February 24, 2021			—		1,500		—
February 23, 2022	2,500		—
February 27, 2024	4,500		—		4,500		—

(1) We maintain a multi-year senior unsecured revolving credit facility for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreement includes a covenant that we maintain a minimum shareholders' equity of at least $24.6 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in

accounting principles and earnings/(losses) recognized in connection with the ongoing application of any mark-to-market accounting for pensions and other retirement plans. At March 31, 2021, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $37.8 billion. The revolving credit facility also contains customary representations, covenants and events of default. There are no credit rating triggers, provisions or other financial covenants that could require us to post collateral as security.

On March 31, 2021, we completed an early redemption of Euro and U.S. dollar denominated notes for the following amounts (in millions):


Interest Rate	Maturity Date	Amount Redeemed	USD Equivalent
1.000%	March 2022	€500	$587
1.625%	January 2023	€700	$821
2.125%	April 2023	$500	$500
4.000%	February 2024	$492	$492

We recorded $137 million of extinguishment loss and debt-related expenses within interest and other expense, net related to $110 million paid in excess of carrying value of the debt and recognizing unamortized discounts and deferred financing in earnings and $27 million foreign currency derivative loss related to the redemption payment at the time of the debt extinguishment. The cash payments related to the redemption were classified as cash outflows from financing activities in the consolidated statement of cash flows.


Issuance Date	Interest Rate	Maturity Date	Gross Proceeds (1)	Gross Proceeds USD Equivalent
March 2021	1.375%	March 2041	€650	$777
March 2021	0.750%	March 2033	€600	$717
March 2021	0.250%	March 2028	€750	$896

(1) Represents gross proceeds from the issuance of notes excluding debt issuance costs, discounts and premiums.

The fair value of our short-term borrowings at March 31, 2021 and December 31, 2020 reflects current market interest rates and approximates the amounts we have recorded on our consolidated balance sheets. The fair value of our long-term debt was determined using quoted prices in active markets (Level 1 valuation data) for the publicly traded debt obligations.


	As of March 31, 2021		As of December 31, 2020
	(in millions)
Fair Value	$	20,203	$	21,568
Carrying Value	$	19,530	$	20,046


	For the Three Months Ended March 31,
	2021		2020
	(in millions)
Interest expense, debt	$	98	$	110
Loss on debt extinguishment and related expenses	137		—
Loss related to interest rate swaps	—		103
Other (income)/expense, net	(17)		(23)
Interest and other expense, net	$	218	$	190

Other income includes amounts excluded from hedge effectiveness related to our net investment hedge derivative contracts that totaled $20 million in the three months ended March 31, 2021 and $33 million in the three months ended March 31, 2020.